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Mr Blackley said Southern Cross will focus on its radio and regional TV business, as well as its partnership with PodcastOne, which he said was growing at a rapid rate, around 1.5 million app downloads per week.

"We think somewhere within the next 12 months we should see a path to break even, dependent on our capacity to monetise the product," he said.

Mr Blackley said the sales team was being built up to monetise the early-stage investment.

Southern Cross' net profit after tax slumped 98.7 per cent to $1.4 million, largely off the back of a $73.9 million non-cash impairment to the value of its regional television licences.

Its shares lifted 2.5 per cent to $1.33 on Thursday.

Underlying net profit slipped 19.7 per cent to $75.3 million, while revenue was down 5.3 per cent to $654.1 million.

Revenue slipped 5.3 per cent to $654 million and earnings before interest, tax, depreciation and amortisation were down 12.8 per cent to $154.7 million. However, on a like-for-like basis, revenue was up 0.6 per cent and EBITDA was flat.

The discrepancy was due to the sale of its Northern NSW TV business to WIN and sales of other assets in the previous year, a new spectrum tax and a copyright dispute.